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Opening a Bank Account in North Cyprus as a Foreigner

Created26.09.2023, 10.00
Updated07.10.2023, 11.57

Foreigners should open a bank account in North Cyprus for long-term plans such as living there or doing business.

Short-term visitors can use their own foreign bank accounts for easy transactions. These could be withdrawing money, or buying things with their credit cards. However, for more complicated monetary transactions, a bank account in North Cyprus is essential. Here’s all about opening a bank account in North Cyprus as a foreigner.

Banking System in North Cyprus

bank of cyprusThe banking structure in North Cyprus is regulated by the Central Bank of the Turkish Republic of North Cyprus. It follows the same model as the Republic of Turkey. There are two different types of banks in North Cyprus international banks and local ones.

North Cyprus residents often choose local banks. However, International banks cater to foreigners since they have strong connections abroad. These global banks have a wider banking service scale in comparison to the local ones. This is mainly because they have strong connections with overseas banks.

Since it’s a booming tourism spot in the Eastern Mediterranean, Northern Cyprus’ banks accept numerous currencies. The main currencies on the force are EUR, USD, GBP and TL. However international banks may also process other currencies on request.

Who Are Eligible to Open a Bank Account in North Cyprus?

Foreigners over the age of 18 can easily open a bank account in North Cyprus, even students. Children below the age of 18 should go on with the legal procedures accompanied by their parents or legal guardians.

Tourists and temporary visitors do not have to open a personal bank account to withdraw or transfer money, or to use their balances for their shopping. They can spend their money via their credit or debit cards linked to their official bank account.

However, foreign residents and newcomers who wish to live in North Cyprus should open a new account here. Also, a foreigner doing business in North Cyprus, or buying a house also needs a North Cyprus bank account to pursue money transactions.

Bank Account Types in Northern Cyprus

person taking money from on the tray at counterThere are several types of accounts for every need in North Cyprus such as:

• Current Account
• Foreign Currency Account
• Offshore Account
• Savings Account
• Investment Account

The most common type of account preferred by foreigners is the current account. Non-residents also can open an offshore account to manage their monetary transactions linked with overseas countries. Investment and savings accounts are often chosen by investors looking to gain profit from their stable funds.

How to Open a Bank Account in North Cyprus?

Opening a bank account in North Cyprus as a foreigner is an easy procedure with professional assistance. As TEKCE, we suggest you proceed with a consultant who is completely familiar with the legal and personal banking system of North Cyprus.

To open an account at the bank, the first step is to get information about which documents you need to apply. Here are the main documents to open a bank account in Northern Cyprus in general:

• Application form
• A valid ID or a passport
• Work permit or residency document in North Cyprus
• Statement of income (Payroll)
• Utility bills registered to the name of the applicant
• Stamp fee
• Bank account opening fee

person making papers with a stampPlease keep in mind that each bank may request different documents, or stipulate different conditions.

As a second step, an appointment must be made at the bank. The banks in North Cyprus do not accept daily requests. It is essential to contact the bank beforehand for an appointment.

The third step is the bank appointment. Here, you will submit your documents to the bank and go on with the legal procedures. It is highly recommended to manage the procedures under the supervision of a professional. A consultant would communicate to the bank officials on your behalf, and make sure that there won’t be any complications.

Banks in North Cyprus reserve the right to refuse your application in case of a missing document, or false information. If every step of the process is followed correctly, your application is highly likely to be accepted.

How Long Does It Take to Open a Bank Account in North Cyprus?

Opening a bank account is not a one-day procedure. It can take a couple of days, depending on whether the procedures are followed properly or not. In case of a complication, the process can be prolonged to a week or two.

To cut back on waiting time or any misconceptions during the application process, it is suggested to collaborate with a professional. A legal advisor would follow every step of the journey with you, or on your behalf with a power of attorney.

Consult TEKCE Professionals For a Smooth Process!

TEKCE brings its professional expertise when it comes to following complex legal procedures such as opening a bank account. Our company lawyers will be assisting you on every step of this process, from A to Z. Contact us to get to know more about our services in North Cyprus.



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